University of Detroit Mercy Financial Aid and Scholarships
Students Receiving Aid
88%
Total Aid Amount
$69.048M
Financial Aid Official Website
www.udmercy.edu/admission/financial-aid/
Such schemes include Academic Grants, Academic Scholarships, Alumni Grant, and Alumni Grant. It is interesting to note that almost every student at UDM receives some kind of financial aid, while the total amount of provided assistance/loans in a year is $10,150,402. For additional information about financial assistance schemes, one can head over to UDM’s financial aid page at http://www.udmercy.edu/admission/financial-aid/. Notably, a total of 38% of the applicants to University of Detroit Mercy receive the Federal Grant every year. In comparison, 100% of the students are awarded the Student Grant, 100% get the Institution Grant, and 36% of the applicants receive the Pell Grant. Furthermore, the average aid for the Federal Grant receivers is $6,311, and the same stands at $2,375 for State Grant awardees and $15,751 for Institution Grant recipients. And, for the Pell Grant awardees, the average aid amount is $4,699. The annual family income of the applicants is also considered for determining the total financial assistance that they will be eligible for. On average, students with an annual family income of less than $30,000 will obtain a federal aid of $35,398 per year. For the $30,001-$48,000 and $48,001-$75,000 family income brackets, the average aid amount stands at $35,645 and $32,429, respectively. On the other hand, the average federal aid stands at $30,551 for those with an annual family income between $75,001 and $110,000, and at $25,085 for an income more than $110,000. Alternatively, the candidates can also avail of monetary benefits like student loans, apart from financial grants and scholarship schemes to pay for their studies. In contrast to grants and scholarships, student loans are taken by the candidates at a certain rate of interest. Moreover, the funds received through these loans will have to be repaid within a given timeframe. Every year, around 54% of the applicants to University of Detroit Mercy opt for student loans.
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